Tuesday, April 28, 2009

Closing was scheduled about three months in the future for October 31st.The home and termite inspections returned clear reports so we were ready to move forward.We knew that we did not need to be at the closing but we decided to come anyway.Our move-in date was still up in the air, but we knew it had to be after December 31st because of our pets (more on that later).

Our realtor, Kelly took us to the water department and electric utility and we had the service switched over into our names.We bought cell phones with Hawaii numbers and met with the cable people about getting service when we moved here.

Thursday, April 23, 2009

I had mentioned earlier how we loved the Hilo “wow house,” but that it was more than we hoped to spend. However, we were pleased to learn that since our first exposure to the home in May, the owners had dropped the price.Twice we had bought sandwiches during this second house hunting visit and used the house’s lanai to dine by the ocean.During our last lunch there, I said, “I wish we could somehow swing a deal for this place.” Pictured below is the lanai where we had lunches and pondered living on the water.

Kelly said, “Why don’t you make the owners an offer,” and lo-and-behold the owners invited us to dinner that evening.We got along great, had a fine meal and many laughs.So the following day, I scribbled down an offer that primarily focused on giving us some time to sell our California house and some time to see a rebound in the equities market.We learned later that it is what’s called a “Purchase Money Market Agreement of Sale.”With this approach the seller provides the financing, but the buyer takes title to the property at closing.

Here is another view from one of our bridges. As you can see, the coconut palms and ocean were calling to us.

With some negotiating back and forth, we were able to reach a deal acceptable to both parties.We signed the papers on the last day of our stay and flew back to the mainland to prepare for the move.

Wednesday, April 15, 2009

Our broker Kelly Moran had something planned for us called Kelly’s “Wild Worldwind Tour” to take place over three or four days out of our stay on the island, promising us that we would need a vacation, after our vacation.Well, he was right!We looked at numerous residences, businesses and additional B&B’s as well as met with an attorney regarding B&B licensing requirements.

One of the B & B's we considered purchasing...

We stayed at the Log Cabin Inn as well as two other B&B’s we were evaluating.However, one of the issues beginning to arise was the ever tightening mortgage market.With what we had to put down we were beginning to reduce our focus pretty much to the Log Cabin Inn and how much potential it had.

The Kitchen at the Log Cabin

Our main hang-up with the Inn was that it was built as a single family house and later turned in to a B&B.So, while there were owner’s quarters, the common areas included the kitchen and dining room.We were having difficulty imaging guests returning to the Inn while we were just sitting down to dinner or coming in very late, and perhaps loudly.So we somewhat reluctantly decided to pass.

Our broker Kelly Moran had something planned for us called Kelly’s “Wild Worldwind Tour” to take place over three or four days out of our stay on the island, promising us that we would need a vacation, after our vacation.Well, he was right!We looked at numerous residences, businesses and additional B&B’s as well as met with an attorney regarding B&B licensing requirements.

We stayed at the Log Cabin Inn as well as two other B&B’s we were evaluating.However, one of the issues beginning to arise was the ever tightening mortgage market.With what we had to put down we were beginning to reduce our focus pretty much to the Log Cabin Inn and how much potential it had.

Our main hang-up with the Inn was that it was built as a single family house and later turned in to a B&B.So, while there were owner’s quarters, the common areas included the kitchen and dining room.We were having difficulty imaging guests returning to the Inn while we were just sitting down to dinner or coming in very late, and perhaps loudly.So we somewhat reluctantly decided to pass.

Support Easter Seals with Photography

Click on the picture to go to Lava Pix.com where you can purchase images by this award winning photographer whose photos have also appeared in National Geographic. 20% of sales profits go to Easter Seals Hawaii on the Big Island.